Gogoro Inc., Taiwan’s largest e-scooter manufacturer and a global leader in e-scooter battery swapping technology, has officially confirmed that it is going public at NASDAQ.
Horace Luke, Gogoro founder and CEO, has confirmed the rumored IPO on a press conference held in Taipei, Taiwan. According to Luke, there’s no other better alternative than NASDAQ for Gogoro to go public, and has been eyeing the opportunity from day one. “NASDAQ is always the target,” said Luke. “It is where tech giants like Tesla and Amazon are listed.”
As one of the few unicorns from Taiwan, Gogoro will be the first Taiwanese company to be listed on NASDAQ in decades. The IPO will be done via a merger with the special-purpose acquisition company (SPAC), Poema Global Holdings Corp., which is already listed on Nasdaq. As revealed by Gogoro, the process put the company at a valuation of US$2.35 billion, and will be completed by Q1, 2022.
Gogoro aims to raise US$550 million through the process, supporting its R&D, market expansion, and global operations.
US$250 million of which was already raised through Private Investment in Public Equity (PIPE) deal, among the private investors are Temasek, Singapore’s sovereign wealth fund, and Foxconn, the world’s largest electronics contract manufacturer that has recently entered a partnership with Gogoro in their shared EV ambition.
Using the occasion, Gogoro reveals that it will use China and India as their bases for further global expansion. As a pioneer of e-scooter battery swapping system, Gogoro is transforming itself into a platform provider that speeds up other e-scooter makers’ time to market, and has confirmed that its battery swapping technology will serve not only the e-scooter market, but also the electric vehicle market.
In this sense, Gogoro has become a powerful partner for the Foxconn-initiated MIH platform, which aims to build an open platform for EV manufacturer. Gogoro has indicated that it’s open platform, Gogoro Network, will be at the heart of its expansion into the global markets.